Core Viewpoint - The report outlines the 2024 central government budget execution, highlighting a slight increase in revenue and stable expenditure, with a central fiscal deficit of 3.34 trillion yuan, aligning with budget expectations [1][2]. Revenue Summary - The central general public budget revenue reached 10,046.206 billion yuan, achieving 98.1% of the budget and reflecting a 0.9% increase from 2023 [1]. - Total revenue, including transfers from various funds and carryover funds, amounted to 10,884.406 billion yuan [1]. Expenditure Summary - Central general public budget expenditure totaled 14,105.59 billion yuan, completing 97.9% of the budget and remaining stable compared to 2023 [1][2]. - Specific expenditures included: - General public services: 155.238 billion yuan - Defense: 1,665.208 billion yuan - Education: 166.071 billion yuan - Science and technology: 361.909 billion yuan [2]. Debt Issuance Summary - The central government issued 12,567.361 billion yuan in national bonds for 2024, with the year-end national debt balance at 34,572.362 billion yuan, within the approved limit [3]. - Local government debt issuance reached 9,804.214 billion yuan, with a focus on replacing hidden debts and supporting government investment projects [3]. Special Bonds and Support Measures - A total of 1 trillion yuan in special long-term bonds was issued to support consumption and investment, with 700 billion yuan allocated for major projects and 300 billion yuan for consumer incentives [4]. - The report noted significant consumer activity, with over 6.8 million vehicles and 62 million home appliances replaced, generating over 1.3 trillion yuan in sales [4]. Social Welfare and Employment - Over 110 billion yuan was spent on employment support, with increased living allowances for economically disadvantaged students benefiting nearly 20 million individuals [5]. - The report indicated a planned adjustment in retirement benefits and an increase in the minimum pension standard, with participation in basic pension insurance reaching 1.07 billion people by the end of 2024 [5]. Fiscal Performance Overview - From January to May, national general public budget expenditure grew by 4.2%, while revenue saw a slight decline of 0.3% [6]. - The issuance of national bonds and local government bonds increased significantly, with a focus on enhancing fiscal support for public welfare and consumption [6].

Group 1 - The central financial and economic committee highlights issues in the 2024 central budget management and audit report, indicating a lack of standardization in budget management and instances of excessive tax collection in some regions [1] - There are significant discrepancies between actual revenue and expenditure compared to the budget, suggesting ineffective targeting and execution of certain fiscal policies [1] - Government investment fund allocation and management are criticized for being insufficiently regulated, with some special bond projects lacking proper oversight, leading to concerns about investment efficiency [1] Group 2 - The effectiveness of budget performance management is under scrutiny, with calls for better utilization of evaluation results [1] - Local fiscal revenue and expenditure conflicts are prominent, with grassroots entities facing significant pressure to maintain "three guarantees" (basic living, education, and healthcare) [1] - Some local departments are not adequately enforcing financial discipline, resulting in frequent occurrences of unauthorized new hidden debts [1]

Core Points - The 16th meeting of the Standing Committee of the 14th National People's Congress reviewed the report on the 2024 central budget execution and other financial revenues and expenditures [1] - The meeting approved the 2024 central budget and the central budget report based on the review results from the Financial and Economic Committee of the National People's Congress [1] Summary by Category - **Government Financial Management** - The Ministry of Finance, represented by Minister Lan Fo'an, presented the report on the 2024 central final accounts [1] - The National Audit Office, represented by Auditor General Hou Kai, reported on the audit work regarding the execution of the 2024 central budget [1] - **Legislative Approval** - The meeting agreed to the review results report proposed by the Financial and Economic Committee of the National People's Congress [1] - The decision was made to approve the 2024 central final accounts [1]